<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
ITLA Capital Corporation
(Name of Issuer)
Common Stock, .01 par value
(Title of Class of Securities)
450565106
(CUSIP Number)
George Abraham
FBR Ashton, Limited Partnership
1001 19th Street, North
18th Floor
Arlington, Virginia
22209
(703) 312-9707
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
December 17, 1997
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Page 1 of 15
Exhibit Index Appears on Page 13
<PAGE> 2
SCHEDULE 13D
CUSIP NO. 450565106
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FBR Ashton, Limited Partnership
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
395,250
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
467,670
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
395,250
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
467,670
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
467,670
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.96%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 3
SCHEDULE 13D
CUSIP NO. 450565106
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FBR Opportunity Fund, Ltd. Class A
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
72,420
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
467,670
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
72,420
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
467,670
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
467,670
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.96%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 4
SCHEDULE 13D
CUSIP NO. 450565106
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Friedman Billings Ramsey Investment Management, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
None
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
467,670
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
None
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
467,670
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
467,670
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.96%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 5
SCHEDULE 13D
CUSIP NO. 450565106
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FBR OFFSHORE MANAGEMENT, INC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
None
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
467,670
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
None
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
467,670
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
467,670
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.96%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 6
SCHEDULE 13D
CUSIP NO. 450565106
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Emanuel J. Friedman
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
None
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
467,670
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
None
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
467,670
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
467,670
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.96%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 7
Item 1. Security and Issuer
This statement on Schedule 13D (the "Statement") relates to the
Common Stock, par value .01 per share (the "Common Stock"), of ITLA Capital
Corporation, a Delaware corporation (the "Company"). The principal executive
offices of the Company are located at 888 Prospect Street, Suite 110, La Jolla,
California 92037.
Item 2. Identity and Background
The Statement is being filed by (1) FBR Ashton, Limited Partnership,
a Maryland limited partnership ("Ashton"), (2) FBR Opportunity Fund, Ltd. Class
A, a Bermuda chartered corporation ("Opportunity Fund"), (3) Friedman
Billings Ramsey Investment Management, Inc. ("Investment Management"), a
Delaware corporation (4) FBR Offshore Management, Inc. a Delaware
Corporation ("Offshore Management") and (5) Emanuel J. Friedman, a United
States citizen ("Mr. Friedman"), (collectively referred to herein as the
"Reporting Persons").
Ashton and the Opportunity Fund are investment entities. Investment
Management, a registered investment advisor serves as a general partner
and as a discretionary investment manager to Ashton. Likewise, Offshore
Management is a registered investment advisor that serves the Opportunity Fund
as discretionary investment manager. Mr. Friedman serves as the portfolio
manager for Ashton and the Opportunity Fund. The principle offices of the
Reporting Persons other than the Opportunity Fund are located at 1001 19th
Street, North, Arlington, Virginia 22209. The principle offices of the
Opportunity Fund are located at 44 Church Street, Hamilton, HM FX Bermuda.
None of the Reporting Persons has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) during the
last five years.
During the last five years, none of the Reporting Persons has been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
Item 3. Sources and Amounts of Funds or Other Consideration
Ashton and the Opportunity Fund, expended an aggregate of
approximately $7,108,405 (excluding brokerage commissions, if any) to purchase
467,670 shares of Common Stock held by them on December 23, 1997. The source of
funds for shares purchased was from the working capital of Ashton and, the
Opportunity Fund, as the case may be. In addition, Ashton and the Opportunity
Fund hold these securities through margin accounts maintained with Bear Stearns
& Co., Inc., which extends margin credit to either Ashton or the Opportunity
Fund, as the case may be, as and when required to open or carry positions in
their accounts, subject to applicable Federal margin requirements, stock
exchange rules and the firm's credit policies. The position held in the account
is pledged as collateral security for the repayment of debit balances, if any,
in the account.
<PAGE> 8
Item 4. Purpose of Transaction
The purpose of the acquisition of the shares of Common Stock by each
of the Reporting Persons is for investment. Each Reporting Person may,
depending on market conditions, make further purchases of Common Stock from
time to time and may dispose of any or all of the shares of Common Stock held
by it at any time or effect other transactions which could result in any of the
actions specified in clauses (a) through (j) of Item 4 of the Instructions to
Schedule 13D.
Except as set forth above, the Reporting Persons do not have any
present plans or proposals that relate to or would result in any of the actions
required to be described in Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer
(a)-(b) On the date of this Statement:
(i) Ashton is the direct beneficial owner of 395,250 shares of Common
Stock, which constituted approximately 5.04% of the issued and outstanding
Common Stock.
(ii) The Opportunity Fund is the direct beneficial owner of 72,420
shares of Common Stock, which constituted approximately .92% of the issued and
outstanding Common Stock.
Each of Ashton, the Opportunity Fund, and Mr. Friedman may be deemed
to own beneficially (as defined in Rule 13d-3 promulgated under the Securities
Exchange Act of 1934, as amended) the shares of Common Stock owned beneficially
by each other due to their common control. Each of such persons disclaims
beneficial ownership of such shares of Common Stock for all other purposes. In
addition, each of Ashton, the Opportunity Fund, and Mr. Friedman may be deemed
to share the power to vote or to direct the vote and to dispose or to direct
the disposition
<PAGE> 9
of the shares of Common Stock directly owned beneficially by each other.
Investment Management in its capacity as general partner and
investment manager to Ashton, and Offshore Management in its capacity
as investment manager to the Opportunity Fund, may be deemed to own
beneficially (as defined in Rule 13d-3 promulgated under the Securities
Exchange Act of 1934, as amended) the shares of Common Stock directly owned
beneficially by Ashton and the Opportunity Fund, respectively, as well as the
other Reporting Persons due to their common control. Each of such persons
disclaims beneficial ownership of such shares of Common Stock for all other
purposes. In addition, each of Investment Management and Offshore Management
may be deemed to share the power to vote or to direct the vote and to dispose
or to direct the disposition of the shares of Common Stock directly owned
beneficially by the Reporting Persons.
The percentages used herein are calculated based upon the 7,849,484
shares of Common Stock stated to be issued and outstanding as of October 31,
1997, pursuant to the Company's Form 10-Q for the quarter ended September 30,
1997.
(c) The trading dates, number of shares purchased and price per share
(including commissions, if any) for all transactions by the Reporting Persons
during the past 60 days are set forth in Schedule I hereto.
(d) No person other than each respective record owner referred to
herein of shares of Common Stock is known to have the right to receive or the
power to direct the receipt of dividends from or the proceeds of sale of shares
of Common Stock.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings, or
Relationships with Respect to Securities of the Issuer.
None.
Item 7. Material to be Filed as Exhibits
Exhibit A: Joint Filing Agreement among the Reporting
Persons.
<PAGE> 10
Signature
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
December 23, 1997.
FBR ASHTON, LIMITED PARTNERSHIP
By: /s/ George Abraham
----------------------------------------
Managing Director of General Partner
FBR OPPORTUNITY FUND, LTD. CLASS A
By: /s/ George Abraham
----------------------------------------
Alternate Director
FRIEDMAN BILLINGS RAMSEY
INVESTMENT MANAGEMENT, INC.
By: /s/ George Abraham
----------------------------------------
Managing Director
FBR OFFSHORE MANAGEMENT, INC.
By: /s/ George Abraham
----------------------------------------
Managing Director
/s/ Emanuel J. Friedman
------------------------------------
Emanuel J. Friedman
<PAGE> 11
Schedule I
<TABLE>
<CAPTION>
Shares Price
Name Date Purchased Per Share
- ---- ---- --------- ---------
<S> <C> <C> <C>
FBR Ashton Limited 12/17/97 69,600 $17.58
Partnership
FBR Opportunity Fund, 12/17/97 17,300 17.58
Ltd., Class A
</TABLE>
<PAGE> 12
Exhibit Index
<TABLE>
<CAPTION>
Exhibit Page No.
- -------- --------
<S> <C>
Exhibit A: Joint Filing Agreement, dated
December 23, 1997, among
FBR Ashton, Limited Partnership
FBR Opportunity Fund, LTD. Class A
Friedman Billings Ramsey Investment
Management, Inc.
FBR Offshore
Management, Inc.
Emanuel J. Friedman
</TABLE>
<PAGE> 1
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13D dated
December 17, 1997 with respect to the Common Stock of ITLA Capital Corporation
is, and any amendments thereto signed by each of the undersigned shall be,
filed on behalf of each of us pursuant to and in accordance with the provisions
of Rule 13d-1(f) under the Securities Exchange Act of 1934.
This Agreement may be executed in counterparts, each of which shall
for all purposes be deemed to be an original and all of which shall constitute
one and the same instrument.
Dated: December 23, 1997
FBR ASHTON, LIMITED PARTNERSHIP
By: /s/ George Abraham
--------------------------------
Managing Director of General Partner
FBR OPPORTUNITY FUND, LTD. CLASS A
By: /s/ George Abraham
--------------------------------
Alternate Director
FRIEDMAN BILLINGS RAMSEY
INVESTMENT MANAGEMENT, INC.
By: /s/ George Abraham
--------------------------------
Managing Director
FBR OFFSHORE MANAGEMENT, INC.
By: /s/ George Abraham
--------------------------------
Managing Director
/s/ Emanuel J. Friedman
------------------------------------
Emanuel J. Friedman
